The latest House Price Report from Domain looked at Melbourne’s property market in the December quarter of 2021, and it showed what happened when all those home buyers resumed their activity after the sixth lockdown was eased.

The data shows that Melbourne’s median house price set a new record in topping $1.1 million. This reflected a jump of 5.8 per cent or a bit more than $60,000 on the previous quarter which equates to a rise of around $660 per day on the average Melbourne home.

What was more interesting for homeowners in the bayside suburbs was that our part of town saw some of the highest growth figures of any region in Melbourne. In areas ranging from the blue ribbon pockets closer to Melbourne right through to the Mornington Peninsula, the growth in median house prices was remarkable. For example, the three highest house price growth numbers recorded in the year to December were in Black Rock, Mentone and Frankston South (just like the recent sale pictured)…all areas known for their proximity to the Bay.

The important thing to keep in mind is that the strong growth in particular pockets tends to flow through to adjoining areas over time as many buyers will look further afield when they feel that they are being priced out of a particular area due to increased competition. So these numbers are good news for property owners across our area.

Of course, if these latest statistics have got you wondering how much more your own property could achieve if you were to sell in the current climate, feel free to give our team at Barry Plant Frankston a call this week on 9781 3100.

We’d be more than happy to provide you with an obligation-free update.

Cheers,

Barry Plant Real Estate

Frankston & Cranbourne